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The Australian High Court has ruled against the state of Victoria’s taxes on Zero and Low-Emission Vehicles (ZLEVs), stating that only the federal government can impose excise duties. This decision could boost EV adoption in Australia, where EVs represented only 8% of new car sales in September. Tesla, BYD Co Ltd, Hyundai Motor, and Kia are popular EV makers in Australia. The ruling is also expected to deter other Australian states from introducing similar taxes.

Portfolio Pulse from Anan Ashraf

October 18, 2023 | 8:38 am

LAC

Deutsche Bank analyst Corinne Blanchard has downgraded Lithium Americas (NYSE:LAC) from Buy to Hold and lowered the price target from $25 to $7.

Portfolio Pulse from Benzinga Newsdesk

October 18, 2023 | 8:35 am

ASML

NFLX

TSLA

UAL

Morgan Stanley, Tesla, ASML Holding, Netflix, and United Airlines are the stocks to watch heading into Wednesday. Tesla is expected to report quarterly earnings of 73 cents per share on revenue of $24.38 billion. ASML reported upbeat earnings for Q3 and expects Q4 sales of €6.7 billion to €7.1 billion. Netflix is expected to have earned $3.47 per share on revenue of $8.54 billion. United Airlines reported better-than-expected earnings for Q3 and expects Q4 earnings of $1.50 to $1.80 per share and revenue up 9.5% to 10%. Morgan Stanley is expected to report quarterly earnings at $1.27 per share on revenue of $13.08 billion.

Portfolio Pulse from Lisa Levin

October 18, 2023 | 8:26 am

BAC

NFLX

TSLA

The CNN Money Fear and Greed index remained in the 'Fear' zone on Tuesday. The S&P 500 was almost flat as investors monitored corporate earnings season. Bank of America Corp and Goldman Sachs Group Inc reported better-than-expected earnings for Q3. U.S. retail sales and industrial production rose in September. Investors are awaiting earnings results from Netflix, Inc., Tesla, Inc., Morgan Stanley and The Procter & Gamble Company.

Portfolio Pulse from Lisa Levin

October 18, 2023 | 8:08 am

KARS

LCID

Lucid Group's Q3 deliveries missed expectations, leading to a 5% drop in its stock. The company delivered 1,457 EVs in Q3, below the consensus of 2,118. Year-to-date, Lucid has produced 6,037 units. The company has guided to production of over 10,000 units for the year, leaving a target of 3,263 units for Q4. Analyst Gary Black predicts further reduction in Lucid's 2023 production and expects the stock to fall to around $3. Lucid shares are down about 27% year-to-date.

Portfolio Pulse from Shanthi Rexaline

October 18, 2023 | 7:45 am

AAPL

Apple Inc. (NASDAQ:AAPL) is facing display issues with its Watch Series 9 and Ultra 2, including flickering screens and pink complications. The company is reportedly working on a fix with the upcoming watchOS 10.1 update. The issues have been reported across all current public versions of watchOS 10. Apple has not yet made a public statement addressing the issue or specifying a release date for the watchOS 10.1 update.

Portfolio Pulse from Ananya Gairola

October 18, 2023 | 7:33 am

SPY

Despite economic and geopolitical challenges, historical trends suggest a potential year-end rally for the S&P 500 Index, according to data from FundStrat. The data shows that the S&P 500 posted an average gain of 3.6% between Oct. 17 and year-end in years when the index gained more than 1.4% in the first five days and showed negative performance for the previous year. The SPDR S&P 500 ETF Trust (NYSE:SPY), which tracks the performance of the S&P 500 Index, ended Tuesday’s session down 0.22% at $435.04.

Portfolio Pulse from Shanthi Rexaline

October 18, 2023 | 7:06 am

Procter & Gamble (NYSE:PG) is expected to report higher Q3 earnings of $1.63 per share, up from $1.57 per share a year ago. The company's revenue is projected to be $20.51 billion, compared to $20.33 billion in the same period last year. The company's shares closed at $146.26 on Tuesday. Several analysts have recently adjusted their price targets for the company, with the most recent changes ranging from $151 to $175.

Portfolio Pulse from Lisa Levin

October 18, 2023 | 6:56 am

TSLA

A photo of Tesla's Cybertruck fitting into a standard garage has sparked online discussions. During Tesla's Q2 earnings call, CEO Elon Musk stated that the Cybertruck, which is designed to fit into a 20-foot garage, would have a length of under 19 feet. The delivery event for the Cybertruck is expected this year, but Tesla has not disclosed further specifications. It is speculated that the Cybertruck might weigh less than Rivian's R1T and GM's Hummer EV.

Portfolio Pulse from Anan Ashraf

October 18, 2023 | 6:33 am

WRNT

Warrantee has received a minimum bid price deficiency notification from Nasdaq. This means that the company's stock has not met the minimum bid price of $1.00 per share for 30 consecutive business days, as required by Nasdaq's rules.

Portfolio Pulse from Benzinga Newsdesk

October 18, 2023 | 6:12 am